Higher export growth target

The foreign trade sector has set a higher export growth target for 2022, at 6-8%, after its stellar export achievement in 2021.

At a year-end review conference last week, the Ministry of Industry and Trade reported that Vietnam’s import-export value in 2021 reached nearly US$670 billion, rising 23% year-on-year and putting Vietnam into the world’s top 20 economies in terms of international trade. In particular, exports surged over 19% yearon-year to US$336.2 billion, surpassing the target of 4-5% and helping generate a trade surplus of over US$4 billion. The country gained a large surplus in trade with developed nations with stringent requirements for goods quality, such as the United States (US$80.1 billion) and the EU (US$23.2 billion).

Tran Quoc Khanh, deputy minister of Industry and Trade, said Vietnam exported more processed and manufactured products, enabling the country to participate deeper in the global production and supply chains. Processed goods accounted for over 86.2% of the total exports. In addition, Vietnamese goods were exported to not only traditional markets but also new, potential markets. Exports to markets which have free trade agreements with Vietnam recorded high growth, such as China (up 15%), the U.S. (up 24.2%), the EU (14%), ASEAN (25.8%), South Korea (15.8%), India (21%) and New Zealand (42.5%).

Some highest exports were smartphones and components (US$57.5 billion), computers, electronics and components (US$51 billion), machinery, equipment and parts (US$38.3 billion) and textiles and garments (US$32.7 billion).